Genco Shipping & Trading (NYSE:GNK – Get Free Report) released its earnings results on Wednesday. The shipping company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01), Zacks reports. Genco Shipping & Trading had a net margin of 15.48% and a return on equity of 10.89%. The company had revenue of $151.85 million during the quarter, compared to analyst estimates of $105.04 million. During the same period in the previous year, the firm posted ($0.01) EPS. The company’s revenue for the quarter was up 90.0% on a year-over-year basis.
Genco Shipping & Trading Price Performance
Shares of Genco Shipping & Trading stock traded up $0.75 during trading on Friday, reaching $26.03. The company’s stock had a trading volume of 622,329 shares, compared to its average volume of 451,924. The company has a quick ratio of 2.41, a current ratio of 2.97 and a debt-to-equity ratio of 0.36. Genco Shipping & Trading has a 12-month low of $16.42 and a 12-month high of $28.42. The company has a market capitalization of $1.13 billion, a P/E ratio of 14.62, a price-to-earnings-growth ratio of 2.89 and a beta of 1.08. The business has a 50 day moving average price of $26.34 and a 200-day moving average price of $24.41.
Genco Shipping & Trading Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Monday, November 16th will be paid a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a dividend yield of 16.1%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.80. The ex-dividend date is Monday, November 16th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 351.65%.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on the stock. Weiss Ratings lowered shares of Genco Shipping & Trading from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, October 26th. Zacks Research cut shares of Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a research note on Monday, October 5th. BTIG Research dropped coverage on shares of Genco Shipping & Trading in a research report on Friday, September 18th. They set a “neutral” rating for the company. Finally, B. Riley Financial restated a “buy” rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $29.00.
Check Out Our Latest Analysis on GNK
About Genco Shipping & Trading
Genco Shipping & Trading Limited (NYSE:GNK) is a drybulk shipping company that owns and operates a fleet of oceangoing vessels. The company transports essential commodities, including iron ore, grain, coal and other major and minor bulk cargoes, for customers around the world.
Genco’s fleet includes large Capesize vessels as well as Ultramax, Supramax and Handysize ships. These vessels serve different segments of the drybulk market and support the movement of raw materials used in energy production, agriculture, construction and industrial manufacturing.
Founded in 1997 and headquartered in New York, Genco serves international trade routes across major global commodity markets.
Read More
- Five stocks we like better than Genco Shipping & Trading
- Q3 Earnings Have Investors Wondering: Is Mercado Libre Finally a Buy?
- CVS Raised Its Outlook and Announced a Breakup—So Why Did the Stock Drop?
- Array and Shoals Are Merging: Who Really Wins the All-Stock Solar Deal?
- Duolingo’s User Growth Is Outpacing Bookings, But Is Its Strategy Paying Off?
Receive News & Ratings for Genco Shipping & Trading Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Genco Shipping & Trading and related companies with MarketBeat.com's FREE daily email newsletter.
